Oil whipsaws in volatile session as energy crunch stokes recovery concerns
NEW YORK (Reuters) – Oil prices steadied after whipsawing in a volatile session on Tuesday, as traders weighed the effect that higher energy costs could have on the global economic recovery.
Brent crude fell 4 cents to $83.61 a barrel by 10:46 a.m. EDT (1446 GMT). It earlier hit a high of $84.23 a barrel and a low of $82.72 a barrel. On Monday it hit $84.60, its highest since October 2018.
U.S. oil futures rose 28 cents to $80.80 a barrel, after ranging between $81.62 and $79.47.
Authorities from Beijing to Delhi scrambled to fill a yawning power supply gap on Tuesday, triggering global stock and bond market wobbles on worries that rising energy costs will stoke inflation.
